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Bank rebound gives market bounce at midday

SHANGHAI'S key stock index closed higher in the morning trade with the rebound of banking sector and financial shares.

The benchmark Shanghai Composite Index edged up 0.40 percent, or 10.97 points, to close at 2,764.86 points. Turnover was 67.7 billion yuan (US$9.9 billion). Gainers outnumbered losers 495 to 336 and 77 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.52 percent to close at 922.02 points.

Banks pushed up the index. Industrial & Commercial Bank of China, the nation's biggest lender, rose 1.79 percent to 4.55 yuan. Bank of China was up 1.90 percent to 3.76 yuan. China Construction Bank advanced 4.13 percent to 5.04 yuan.

Real estate developers were also among the gainers. China Vanke Co, the nations' largest listed property developer, said its revenue increased 20.9 percent in May to reach 23.8 billion yuan. Its shares hiked 5.64 percent to 11.24 yuan. Poly Real Estate Group surged 5.74 percent to 25.96 yuan. Gemdale Corporation added 3.82 percent to 14.95 yuan.

Oil producers were weak. PetroChina, the biggest index component, was down 0.85 percent to 14.02 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and known as Sinopec, lost 0.78 percent to 10.13 yuan.
Jiangxi Copper Co, the nation's biggest producer of the metal, retreated 2.17 percent to 32.07 yuan.


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